South Korea books 26 Polymarket users in $12.7M case
- South Korean police have booked 26 Polymarket users over alleged illegal gambling.
- The users placed 17.6 billion won, worth about US$12.7 million, in cumulative wagers.
- Eighteen cases had been referred to prosecutors by September 15.
South Korean police have booked 26 Polymarket users over alleged illegal gambling involving crypto-based prediction markets.
Investigators linked 17.6 billion won in cumulative wagers to the users, with one account reaching 5.7 billion won.
Police identified the users through public blockchain records because Polymarket does not maintain a conventional domestic customer list.
The investigation began with preliminary inquiries in March before police formally booked users from May.
Police are assessing the activity under Article 246 of South Korea’s Criminal Act, which covers gambling and habitual gambling.
Authorities argue Polymarket activity can meet gambling rules when users stake crypto assets on uncertain outcomes and gain or lose based on those results.
Eighteen of the 26 cases had reached prosecutors by September 15, while published materials show no reported indictments or court judgments.
South Korea had already blocked domestic access to Polymarket on August 18 after regulators classified its service as an illegal gambling environment.
